EU vision for the future revealed

EU unveils its vision for the future of monetary union. This new vision allows European authorities greater powers including the creation of a European treasury, which would have powers over national budgets.

The document, released by European Council President Herman Van Rompuy, serves as a means to reach a common understanding amongst the Euro countries on the way forward. The document released ahead of Thursday’s EU summit.

Proposals in the report included:

Limits on the amount of debt individual countries can take on

Annual national budgets can be vetoed if they are likely to mean a country exceeding its debt limits

The eurozone borrowing money collectively “could be explored”

A European treasury office to be set up to control a central budget and keep an eye on national ones

A single European banking regulator and a common scheme guaranteeing bank deposits

Common policies on employment regulations and levels of taxation

Joint decision-making with national parliaments to give it “democratic legitimacy”.

French Finance Minister Pierre Moscovici has said Thursday’s EU summit should, “lay the groundwork for the second phase of the euro”.